QUESTION 1 (40 marks) Electrons-At-Work Ltd (“EAW’) is a South African electronic devices and accessories retailer with a nationwide footprint. The entity is listed on the JSE AltX and has a 31 October financial yearend. EAW purchases various electronic devices directly from international suppliers and then resells the devices locally at a predetermined mark-up on the cost price. Upcoming purchase order One of the international […]
Posted: July 23, 2024
QUESTION (30 marks) The Protea Ltd Group is a group of listed companies in the floriculture industry. Below are the financial statements of the Protea Ltd Group of companies for the financial year ended 31 December 2023: PROTEA LTD GROUP: CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2023 2023 2022 R R ASSETS Non-current assets 3 515 000 1 […]
Posted: July 12, 2024
QUESTION 1 (50 marks) Thalita is a 57-year-old South African resident who works as an architect at Big Drawings Limited (‘Big Drawings’), a South African company situated in Johannesburg. The following information pertains to Thalita’s 2024 year of assessment: 1. She earned a monthly salary of R65 000 per month from Big Drawings for the period 1 March 2023 to 30 November 2023. Thalita resigned […]
Posted: July 12, 2024
Question 1 Read the extract below and see the instructions that follow: “Contrary to the developed world, where language rights are often intended to protect languages spoken by minority groups, in Africa, including South Africa, language rights are aimed at protecting languages spoken by the majority of the people against dominant languages, such as English, French, Portuguese, and sometimes other dominant African languages. In the […]
Posted: June 10, 2024
QUESTION (30 marks) CapeTown Elite Coffee (Pty) Ltd., is an up-and-coming high-quality coffee shop based in Cape Town. The company has a 30 June financial year-end. You have been presented with the final trial balance of CapeTown Elite Coffee (Pty) Ltd.: Final Extract of the trial balance of CapeTown Elite Coffee (Pty) Ltd at 30 June: Account Item 2023 Rands (Debits) 2023 Rands (Credits) […]
Posted: June 5, 2024
Question 1 Read the extract below and see the instructions that follow: “Contrary to the developed world, where language rights are often intended to protect languages spoken by minority groups, in Africa, including South Africa, language rights are aimed at protecting languages spoken by the majority of the people against dominant languages, such as English, French, Portuguese, and sometimes other dominant African languages. In the […]
Posted: June 4, 2024
Background: The role of an auditor and the expectations of the general public differ tremendously. As an auditor, there are certain roles and responsibilities that are required to be performed. However, the general public does not understand the role and =responsibilities of the auditor, which results in specific expectation gaps between the parties. Required: (20 marks) 1. Explain the expectation gaps between the auditor and […]
Posted: May 24, 2024
QUESTION (25 marks) You are the Financial Accountant at Blue Sky Ltd. The company started operating on 1 April 2021 and has a financial year-end of 31 March. You are in the process of creating a template to calculate the company’s deferred tax balance and movement that can be used in future years. The following information is available: • Land was purchased for R2 500 000 […]
Posted: May 24, 2024
QUESTION 1 (20 marks) We are living in a world that is risky, volitile and uncertain. A state of crisis is nowadays a normality facing all types of organisations. The world is more digitally connected than ever before. As a result, there are multiple threats in the world, such as organized crime, nation-state actors, activism, hackers and “hacktivism” – combining the words “hack” and “activism” […]
Posted: May 24, 2024
QUESTION (25 marks) Liam Harrington, a 62-year-old South African resident, plans to emigrate to New Zealand on 15 December 2023 after he and his family went through a traumatic experience when they were hijacked and brutally injured. Below is a list of Liam’s assets and the market value of these assets on the date of emigration. Liam will sell the rest of his assets at […]
Posted: May 23, 2024
